NMB Bank to initiate digital payment system in Kathmandu City buses; service to begin in Kipu Bus Sewa with contactless cards and POS terminals

NMB Bank has signed a Memorandum of Understanding (MOU) with nCloud Pvt Limited to promote digital payment channel in the transport sector.

The MOU was signed between Sunil KC, Chief Executive Officer, NMB Bank and Dipendra Narayan Shrestha, Chief Executive Officer, nCloud Pvt. Limited. 

The agreement seeks to implement a digital payment collection system in public vehicles through the use of contactless cards and POS terminals. The project shall commence with the initial tie-up with Kipu Bus Sewa Pvt. Ltd. where passengers can use the contactless card for the payment of their bus fares. 

Amidst the Covid-19 scenario and the safety measures to be adopted, the agreement comes as a first of its kind technological support rendered to the transport sector to aid in maintaining social distancing in public buses. The project is in line with Nepal Rastra Bank (NRB) mandate towards digitization and step towards the transformation from cash-based to a cashless society.

The project encompasses similar alliances with other buses Samitis to introduce similar con-tactless fare collection systems with other bus operators.